JOHANNESBURG - Listed construction company Basil Read has received all the necessary approvals for its proposed R300million partially underwritten rights offer, which was now unconditional and may be implemented.
It intends to raise it through about 1.36billion rights offer shares at 22c each, a 63percent discount to Friday’s closing share price.
The rights offer shares will be issued in a ratio of 1035.45602 rights offer shares for every existing Basil Read ordinary shares held on February 9, the record date for the rights offer. It entered into an agreement with the IDC to underwrite the rights offer up to a maximum of R89.1m. Basil Read shares closed 3.7percent lower at 52cents on the JSE yesterday.